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First Time Buyer Guide

If you are a first time home buyer in Ghana, the overwhelming amount of decisions you will have to make can be dizzying. You need to understand the process from start to finish and make the right decisions all the way along or you could suffer some disastrous consequences. Homeownership cannot be rushed - You need to prepare adequately so players in the chain can take you serious. It's a non-brainer that you cannot buy a home with a mortgage when you don't have a job - Yeah, we get such requests and justifies our strategy to rid our platform of all unqualified, unserious and fraudulent enquiries.

If you've never owned a house before, you are a first-time buyer (FTB). We offer special deals for FTBs in order to help you onto the property ladder (and turn you into a long-term customer). Follow this template and general advice for ensuring you jump into the shallow end of the pool, without drowning from mistakes in the deep end.

 

Important Questions you need to ask yourself

Buying a home is one of life’s most major decisions. Many first time home buyers are ill prepared and are forced to exit their first home in search of greener pastures much before they are financially ready. In purchasing a home there are many considerations.

• Will your career path change radically in the near future?

• Are you single and want to get married?

• Are you married and plan on having children?

• What neighborhood do you want to live in?

• Do you want a home near your work?

 

All these question’s answers will lay the ground work for both the size of home you will look for and in which area you will look. Too often people buy a house too small in a poor neighborhood, just to own a home, when renting for an extra year will let you buy a bigger home in a better area.

 

Work On Your Credit

You will need to get your financial house in order first. If you're not creditworthy, many lenders in today’s tight lending atmosphere may not even consider you for a mortgage. Start working on raising your credit profile by making regular payments on credit lines or loans and where applicable, review your credit history for any mistakes.

 

Pay Down Debt

Using our online mortgage calculator can help you ascertain the size of mortgage you can afford in relation to your income. Remember we keep your total costs of the mortgage less than 50% Loan-to-Value ratio (up to 70% can be acceptable for total monthly household income above GHS6,000) as that is the maximum that we will offer for a mortgage. If you have other debt, tied up in credit cards, lines of credit or loans, these will subtract from the total value of a mortgage you will be eligible for. It may be smart to pay off these debt instruments before applying for a mortgage.

 

Get a Preapproved Mortgage

Get a mortgage preapproval before you start looking to ensure you are not wasting your time on homes you could not afford. Other fees when buying a home include closing costs that can range from 1-8%, so knowing what you can afford can make a big difference. Where practicable, we offer no closing cost mortgages as well, where we add part or all of these loan cost to the loan itself.

 

Set Your Minimum Standards

Now that you have all your preparations in order, it is time to start house hunting. Too often first time home buyers are looking for a great looking home without examining the more important structural parts of a home. The major items that should be considered include the quality or state of: roof, non-leaking roof, windows, plumbing, electrical, kitchen and bathrooms. Remember that cosmetic changes like light fixtures, flooring, paint, landscaping, fences, decks, and trim can all be done by yourself or relatively inexpensively by contractors. Replacing major items like a roof or windows require a significant investment.

 

DIYing / Hire an Agent, Look for a Home

This is the best part of all, where you get to actually look at your potential new home. Consider a home that meets your needs now and 5-10+ years from now. Do not get stuck in a home that you will need to sell in less than 5 years, as you may not even recover your closing costs in the resale of the home.

As a first time home buyer in Ghana, remember the most important decisions are: what can you afford? Where do you want to live? Which home loan type offers the best cost of the mortgage? What are the minimum must-haves you need to even consider a home? From these basic questions, you will get a home you will enjoy.

YOUR HOME (OR COMMERCIAL PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT - REPAYMENT ASSISTANCE PROGRAMME AVAILABLE FOR QUALIFIED CUSTOMERS. ALL APPLICATIONS ARE SUBJECT TO STATUS AND OUR LENDING CRITERIA - THIS MEANS THAT THE AMOUNT WE WILL LEND YOU WILL DEPEND ON YOUR INDIVIDUAL CIRCUMSTANCES, THE TYPE OF PROPERTY AND THE AMOUNT YOU BORROW.

We are Non-Deposit Taking No Upfront Fee Direct Lenders (not brokers). Terms, conditions and rules govern our operations, so if you disagree with any of them in part or in whole, please don't use our services. All loanable funds are private patient capital from dedicated sustainable and reliable sources and not sourced funds from the general public. We're Fully-Compliant: Our mortgages are structured as Seller-Financed Mortgages (SFM) and where applicable, as Commercial Mortgages, which do not require Bank of Ghana (BoG) regulation. Legal & Compliance Provided by TLA Firm & Ghanaian Partners. For more details, see Regulation & Compliance.

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